What Might Be Ahead as Many Tax Provisions Are Scheduled to Expire?

As we approach the end of the year, it's essential to be aware of the numerous tax provisions set to expire. These changes could significantly impact your tax planning strategies, making it crucial to stay informed and prepared. At Brinker Simpson & Company, we are dedicated to providing comprehensive tax planning and advisory services to help our clients navigate these changes effectively.

Key Provisions Set to Expire

Several tax provisions are scheduled to expire, including individual and business taxes. Here are some key areas to watch:

Individual Tax Provisions: Many of the individual tax cuts introduced by the Tax Cuts and Jobs Act (TCJA) are set to expire after 2025. This includes reduced tax rates, increased standard deductions, and changes to itemized deductions. It's important to plan ahead for potential tax increases.

Business Tax Provisions: Several business-related provisions, such as the 100% bonus depreciation for qualified property, are also set to expire. This could affect your capital investment plans and tax liabilities.

Energy Incentives: Various energy-related tax incentives are scheduled to phase out, which could impact businesses and individuals investing in renewable energy projects.

Impact on Tax Planning

The expiration of these provisions necessitates a proactive approach to tax planning. Here are some strategies to consider:

• Reviewing Tax Strategies: Now is the time to review your current tax strategies with a professional to ensure they remain effective in light of the upcoming changes.
• Accelerating Deductions and Income: Consider accelerating deductions or deferring income to take advantage of the current tax rates and provisions.
• Investing in Renewable Energy: If you're considering investments in renewable energy, it may be beneficial to act now to take advantage of expiring incentives.
• Consulting with Professionals: Engage with our experienced team at Brinker Simpson & Company to tailor a tax plan that aligns with your financial goals and minimizes your tax liability.

How Brinker Simpson Can Help

At Brinker Simpson, we offer a range of services to help you navigate these upcoming changes:

• Tax Planning and Preparation: Our experts will help you develop a tax strategy that maximizes your deductions and credits while staying compliant with changing laws.
• Business Advisory Services: We provide strategic advice to help your business adapt to tax changes and optimize financial performance.
• Audit and Assurance: Ensure your financial statements are accurate and comply with all regulatory requirements.
• Estate and Trust Planning: Plan for the future with our comprehensive estate and trust planning services to protect your assets and minimize tax liabilities.

Stay Informed and Prepared

As tax laws evolve, staying informed is key to effective tax planning. Our team at Brinker Simpson is here to provide the guidance and expertise you need to navigate these changes. Contact us today to discuss how we can help you prepare for the expiration of these tax provisions and ensure your financial success.